Pioneers Home Loans

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you perhaps want to get your score to 800 as well. I've looked at thousands of credit reports over the years and helped many folks attain an 800 score, here is what's needed to get there: 1. Perfect payment history This means absolutely no lates ever, no paid collections, no charge-offs, no matter how old. A single one of these accounts can suppress the score 80-100 points. So if any negative accounts are there, these will need to be removed.... 2. Don't believe the 30% balance utilization myth As you're aware balance utilization is a big factor into the score when it comes to revolving accounts. Most people mistakenly have been told that 30% balance of the credit limit is opportune. Whereas in actuality you should have all credit cards at zero, and have a balance on only one card that should not exceed 2% of the credit limit. In addition, make sure all credit cards are used at-least once every three months, for them to factor into the score 3. Mix of Credit Next you want to make sure there's diversity in the types of credit accounts reported. There should be both installment accounts and revolving accounts on the credit report. Mortgage accounts do help, but you can still get to an 800 score without them 4. Length of Credit: You can meet the 3 criteria above and still not be an 800 score if your credit report lacks depth. Fico really rewards you for very old accounts that are active and open. So if you have credit cards that have been open for several years, do not close them. You want to have about a couple of accounts that go back over 10 years. If you are missing these you can look into getting yourself added to someone else's credit card that's been open for a number of years.

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